“I first want to thank Congressman Ron Paul for his tireless and unwavering dedication to auditing the Federal Reserve. His efforts paid off when the House passed his legislation with overwhelming bipartisan support during the 112th Congress. This accomplishment in itself marked the most significant stride made toward bringing real transparency to the nation’s monetary policy. Unfortunately, as has become the status quo, the do-nothing Senate failed to act on the bill before the end of the 112th Congress, causing it to flat line.

“Moving forward, my plan is to pick up right where Congressman Paul left off. Our economy is far from recovering, and the recent fears regarding the potential impacts of the ‘fiscal cliff’ and its aftermath prove that the American people must continue to demand transparency from the entity charged with ensuring stable economic and monetary policy. While measures requiring partial audits of the Fed have become law in recent years, it’s clear that current policy does not go far enough. I am honored to carry on one of Rep. Paul’s legacies, as well as his efforts to advocate for a full audit of the Fed, which remains as active – and as closely-guarded – as ever.”

The text of H.R. 24 is identical to that of H.R. 459 when it overwhelmingly passed the House in the 112th Congress by a vote of 327-98.

Companion legislation will soon be introduced in the Senate by Senator Paul and we look forward to pressuring Harry Reid to finally bring up this issue that he has cared so passionately about in the past.